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Updated over 5 years ago,

User Stats

68
Posts
6
Votes
Lyle Cooper
  • NEW YORK, NY
6
Votes |
68
Posts

Increase basis on rental property after renovations

Lyle Cooper
  • NEW YORK, NY
Posted

I renovated my home myself (I'm a contractor) over the course of 2017 and 2018. I rented the property in 2018. I did extensive renovations.

I'd like to increase the basis of my home with the cost of items like: Kitchen appliances, cabinets, Bathroom fixtures, lighting, tile etc.

How should I categorize items like sheetrock, paint, studs and other building materials?

I'd like to expense the tools and supplies I bought for the job - can I do that?

In terms of my own labor, can I expense it, or can I add it to the basis of my home.  Its well over 1500 hours.

I don't know if this helps in any way - at the end of 2018 I bought a multi-family property which I placed into service right away.

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